French Insurance Code
In forceI.-Any natural person who is canvassed at their home, residence or place of work, even at their own request, and who signs an insurance proposal or contract for purposes which do not fall within the scope of their commercial or professional activity, has the option of withdrawing from it by registered letter or by electronic registered mail with acknowledgement of receipt within a period of fourteen calendar days from the date of conclusion of the contract, without having to justify their decision or pay any penalties.
The insurance proposal or the contract shall include, on pain of nullity, a reference to the text of the first paragraph and shall include a model form designed to facilitate the exercise of the right of renunciation.
Exercising the right of renunciation within the period stipulated in the first paragraph entails cancellation of the contract with effect from the date of receipt of the registered letter or electronic registered mail referred to in the same paragraph. As soon as the policyholder is aware of a claim under the contract, he/she may no longer exercise this right of renunciation.
In the event of waiver, the policyholder may only be required to pay that part of the premium or contribution corresponding to the period during which the risk was incurred, this period being calculated up to the date of cancellation. The insurance company is obliged to reimburse the balance to the policyholder no later than thirty days following the date of cancellation. After this period, any sums not paid automatically accrue interest at the legal rate.
However, the full premium remains payable to the insurance company if the policyholder exercises his right of renunciation when a claim involving the cover provided by the contract and of which he was unaware occurred during the renunciation period.
This article does not apply to life assurance or capitalisation contracts, travel or luggage insurance contracts or insurance contracts with a maximum duration of one month.
Infringements of the provisions of this article are recorded and punished by the authority established by article L. 612-1 of the Monetary and Financial Code under the conditions set out in Book III of this Code.
II - Infringements of the provisions of the second paragraph and the second sentence of the fourth paragraph of I are investigated and recorded by the agents mentioned in articles L. 511-3 and L. 511-21 of the Consumer Code, under the conditions set out in article L. 511-5 of this Code.
Failure to reimburse the subscriber in accordance with the conditions set out in the second sentence of the fourth paragraph of I of this article is punishable by a fine of 15,000 euros.
